Vietnam has been put on high alert over its consumption of sugary drinks, which has skyrocketed over the last 15 years, experts said at a recent conference.
A Finance Ministry proposal to slap a 10% special consumption tax on sweetened drinks would hurt small and medium businesses, critics say.
Vietnam’s Finance Ministry has proposed a special consumption tax on some soft drinks that it claims contain an unhealthy amount of sugar, but its argument has been dismissed by other ministries.
The Ministry of Finance has proposed that the Government apply a special consumption tax on pickups to be set at 60 per cent of the tax on cars with nine seats or less with similar engine displacement.
The company expects its annual sales to rise 3% against last year.
Vietnamese customs officials said they had seized nearly 17,000 contraband cigars found in the luggage of four Vietnamese passengers who were returning from Cuba to Hanoi on March 19.
Several auto firms have adjusted down prices of completely-built-up (CBU) autos imported from regional markets following an import tax reduction this year in line with a roadmap of the ASEAN Trade in Goods Agreement (ATIGA).
Vietnamese producers must improve product quality and make the most of their advantages so that imported goods don’t take over the market, the Vietnam Chamber of Commerce and Industry said.
The customs sector collected VND261.49 trillion (US$12 billion) for the State budget this year to December 25, equal to 96.82% of the year target, according to the General Department of Vietnam Customs.
Budget revenues reached VND718.3 trillion (US$32.2 billion) in the first nine months of the year, accounting for around 70 per cent of the annual target, a representative of the Ministry of Finance said in its quarterly press briefing early this week.
Thailand has become the leading exporter of automobiles to Vietnam in the first four months of this year, with 10,155 units, accounting for 35% of total car imports, according to the Vietnamese Ministry of Industry and Trade.
It was critical for Vietnam to tighten natural resources consumption tax policies to improve budget collection from exploitation activities, while a number of resources were facing exhaustion, experts said.
Health activists say special consumption taxes imposed on alcohol, beer and tobacco should be increased to improve community health and tackle the national budget deficit.
Nguyen Hoang Ha decided to make his luxury dream come true when he ordered a car at a showroom on Hanoi’s Tran Khat Chan street.
Beverage companies seek to delay until the beginning of 2017 the application of amended regulations on calculating their special consumption tax, claiming they need more time to adjust their production plans.
Foreign-invested enterprises contributed the largest part of Ho Chi Minh City’s budget revenue last year, reported Saigon Giai Phong newspaper.
The Ministry of Finance has proposed to increase special consumption tax on imported goods to ensure fair competition between locally manufactured products and imported ones.
Viet kieu (Overseas Vietnamese or OV), who are intellectuals, experts and skilled workers, have been granted a tax exemption on used cars they bring to Vietnam , according to a new Government decree.
Taxpaying is apparently not all beer and skittles for Sabeco, as Vietnam’s largest brewery is in dispute with state auditors over a huge amount of tax arrears that the company has repeatedly claimed was unreasonably calculated.
Automobile manufacturers and importers in Vietnam have protested a new proposal from the Ministry of Finance which seeks to change how luxury tax on cars is calculated.